That was CrackedMarket’s Jani Ziedins, pretty much summing up yesterday’s action as investors endured a horrible day of news, but pushed all the big four U.S. stocks indexes to all-time highs anyway.

Could this set the tone for the rest of the year? Many bulls need no encouragement. The latest weekly Kobeissi Letter says any pullback of 2% or more is a “great buying opportunity,” with a call for S&P 2,550 in a couple of weeks.

Enter our call of the day, which is going where few dare to venture right now. It comes from The Macro Tourist’s Kevin Muir, who thinks this rally has gone far enough.

He admits he’s all alone out there: “Practically no one is calling for a top. Everyone is too scared of looking stupid.”

Muir thinks inflation will be the “undoing of this stock market,” pointing to a big red flag in the form of yesterday’s ISM data, which showed a huge jump in prices paid by factories for raw materials.

Macro Tourist/Bloomberg

“If we get a Trump tax cut, along with the Japanese & ECB quantitative easing kicking in, there is a decent chance the global economy could uptick. Growth, and even more important inflation, might outperform expectations in the coming months. And if that is the case, it is a terrible development for the stock market,” he says.

“As far as I can see, if you are an equity investor, the last thing you should be hoping for is economic strength. The moment that happens, the world’s biggest buyers will put away their blue tickets,” he adds.

Other worries? The absence of excessive pessimism. “Looking at investors who actually alter their investment forecasts, I think we are at full-on bullish. Everyone thinks they are outsmarting everyone else by trading from the long side,” he says.

Look at hedge funds, who think they’re crushing each other, but are pretty much all drinking the same Kool-Aid, he says.

Muir admits he could be wrong, and the market may be gearing up to spike higher. “Yet every time I have felt like I am all alone in a trade with the hedge-fund guys on the other side, it has proven to be the right trade,” he says. Read the full post here.

Europe
SXXP, -0.74%
is pausing for breath after a lengthy win streak, but Spain’s IBEX-35 index
IBEX, -0.73%
is down again. That’s as a general strike — to protest the police crackdown on Sunday’s independence referendum — brought much of the Catalonia region to a standstill Tuesday.

Uber’s chief executive has flown to London for an emergency summit today in a bid to persuade the city’s regulators to lift their ban on the cab-hailing app. That’s even as Uber investors are threatening to sue ahead of a planned vote that could diminish the power of some its earliest shareholders.

We’re learning more about Stephen Paddock, who killed at least 59 people and left over 500 injured at a Las Vegas concert Sunday night. After finding 23 guns in his hotel room, police discovered another 19 at Paddock’s home in Nevada. He was a real-estate investor and a regular at Vegas hotels, reports say, while his father had a history of crime.

The chart

It’s about time. For the dollar to get its second wind, that is, according to Callum Thomas, blogging for See It Markets. He bases his greenback view on historical averages, as shown in the chart below:

Thomas says his analysis shows the U.S. dollar index, down 8.5% year-to-date, is looking pretty oversold. Another catalyst for a move up in the dollar? The Fed’s quantitative tightening, set to start next month, he says. Read the full post here.

The quote

Reuters

USNS Comfort helping out in Puerto Rico on Sunday.

“Oxfam has monitored the response in Puerto Rico closely, and we are outraged at the slow and inadequate response the U.S. government has mounted in Puerto Rico.” — That’s Oxfam America President Abby Maxman, ticking off President Trump’s administration for not using its vast resources quickly.

Maxman says Oxfam rarely weighs in on humanitarian disasters in the U.S. or other wealthy countries, but says “the government’s response continues to falter.” So the charity is stepping up.

The stat

Reuters

Scenes from the 2016 U.S. presidential election

10 million — That’s how may people saw Russian-backed ads on Facebook, aimed at confusing Americans around election time, the social-networking company says.

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